Trends and Developments in the European Financial Sector

Thalassinos, Eleftherios

doi:10.18267/j.efaj.83

Cited by 46 publications

(37 citation statements)

References 8 publications

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“…In general, this relation is valid across the globe; however the direct impact is sometimes difficult to measure especially in less developed economies with underdeveloped capital markets. In our study we concentrate on the link between trend of FDIs and changing institutional environment in the Czech Republic, one of the countries in Central and Eastern Europe, which has lately undergone many institutional changes e.g., Judge, Li andPinsker (2010), Albu, (2013), Phan, Joshi and Mascitelli (2016), Thalassinos and Kiriazidis (2003), Thalassinos (2008) and Miteski and Stefanova (2017).…”

Section: Literature Reviewmentioning

confidence: 99%

Exploring the Trend of Czech FDIs and their Effect to Institutional Environment

Jindřichovská¹,

Uğurlu²,

Thalassinos³

2020

IJEBA

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Purpose: The goal of this paper is to explore the trend of FDIs in the Czech Republic and its changes in recent years using the gravity model. Apart from traditional variables used in FDI models we also introduce IFRS in national accounting rules. Design/Methodology/Approach: We use open-source data from the World Bank and FDI data from the Czech national bank, to analyse a panel data of bilateral FDI for 19 EU countries over the period 2008-2017 by PPML specification. Findings:We have observed significant effect of positive impact on broader introduction of IFRS in 2010 in terms of country imports and exports. We observed lower significance of IFRS dummy in the gravity model, where dependent variable is the sum of FDI inflow and FDI outflow it is not significant in the models which dependent variables are FDI inward and FDI outward for FDIs. Practical Implications: In general, FDIs increased productivity in the Czech Republic, especially in 1990s. We assess the effect and possible contribution of traditional variables like size, GDP, border and distance to Czech FDIs. Originality/Value: We find that the positive effect of IFRS exists at 10 percent significance for FDIs. Nevertheless we claim that this effect is mixed with other institutional issues, namely institutional isomorphism. Further tests will be needed after the forthcoming change of the Czech accounting act, which is approaching after 2020.

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Section: Literature Reviewmentioning

confidence: 99%

Exploring the Trend of Czech FDIs and their Effect to Institutional Environment

Jindřichovská¹,

Uğurlu²,

Thalassinos³

2020

IJEBA

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“…The emphasis in the work is also on creating conditions for the formation of an effective financial system in the state, which promotes the optimal allocation of resour ces, expands the capabilities of each citizen and provides funds for both business entities and the state. E. Thalassinos (2008), analysing directions of the development of the European financial sector, researches the trends in the convergence of financial service markets between already existing participants of the European financial sector and its new participants, including Eastern Euro pean countries. The author emphasises the important role of the processes of merging, consolidating and creating of new enterprises by different types of financial intermediaries in countries of Eastern Europe, which leads to an increase in the level of foreign capital within national financial systems in order to increase the volume of credit and investment resources that began to be produced by such institutions.…”

Section: Brief Literature Reviewmentioning

confidence: 99%

Financial service markets of Eastern Europe: a compositional model

Shkarlet¹,

Dubyna²,

Вовк³

et al. 2019

EA-XXI

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The article deals with the models of functioning of financial service markets in the countries of Eastern Europe. The authors have conducted an analysis of the development of financial institutions within separate segments of relevant markets, such as deposit, credit, insurance and investment. The analysis shows that banking institutions play a significant role in the economic development of the countries of the selected group and makes it possible to determine the peculiarities of the development of their financial service markets. In view of the similarity between such countries, the obtained research results can be taken into account when considering other states that have chosen a similar path of their own economic development. The results allow us to partially predict future transformations in the financial service market of Ukraine by taking into account virtually identical starting conditions for the development of Eastern European countries in the early 1990s. This assumption is also confirmed by the changes that have already taken place in Ukraine in view of the functioning of the country's banking system, which has led to a decrease in the number of banks and an increase in their financial stability. This is consistent with the development of banking systems in other Eastern European countries. This allows us to assert that there is gradual convergence of the functioning of the banking systems of both Eastern European countries and Ukraine. A detailed analysis of the transformations in the banking system gives reason to state that in the future the same changes are expected in other segments of the financial service market. In Ukraine, the markets of insurance services, services of non-state pension funds and investment companies remain poorly developed. The transformation of the relevant segments of the financial services market is a prerequisite for its further development.

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“…Reforming the system of state bodies regulating the activities of financial intermediaries and ensuring the quality of its work Source: compiled by the authors (Berglof, Bolton, 2002;Cevik, Kirci, Dibooglu, Sel, Kutan, Ali, 2016;Sutton, Jenkins, 2007;Barjaktarović, Paunović, Ječmenica, 2013;Baily, Elliott, 2016;Adnan, 2006;Thalassinos, 2008) Vol. 4, No.…”

Section: Determinants Of the Development Of Financial Services In Ukrmentioning

confidence: 99%

“…In the field of operational activities Figure 2. Classification of the main components of the system of financial trust infrastructure Source: compiled by the author taking into consideration (Hrishova, Dubyna, Shyshkina, 2017;Prokopenko, Dubyna, 2015;Chuprykova, 2014;Shkarlet, Dubyna, Tarasenko, 2016;Sho Robert, 2000;Thalassinos, 2008;Thimann)…”

Section: Level Of Financial Trust I N F R a S T R U C T U R E O B J Ementioning

confidence: 99%

Directions of Development of the Financial Services Market of Ukraine

Shkarlet¹,

Prokopenko²,

Dubyna³

2019

BJES

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Development of the financial services market is an important component of the national economy’s development. Within this market, credit and investment resources are formed, which are the basis of economic development of the real economy sector of the state. It is this that determines the importance of creating conditions for improving the efficiency of financial institutions, which become intermediaries between persons who have free funds and those economic entities that they need. The outlined justifies the relevance of the topic. Consequently, taking into consideration the objective of the study, the following aim of its implementation was set: to identify and substantiate the main determinants of the development of the financial services market in Ukraine. To achieve this goal, the following tasks were set and solved: to identify the main, most important, measures of transformation of the environment of financial institutions functioning; to substantiate the essence of such measures and the peculiarities of their implementation; to specify basic actions within the limits of separate determinants of the financial services market development, to describe their applied character. Method. In the course of the research, a range of different scientific methods was used. Among the general techniques, it is necessary to allocate methods of observation, comparison, abstraction. It is advisable to include the method of economic analysis, synthesis, system approach, content methods, and event analysis in specific research methods. Results. Universal priorities of financial services markets development in different countries are determined and systematized, the analysis of which made it possible to investigate perspective determinants of the development of such a market in Ukraine, peculiarities of their introduction into the functioning of the financial services sphere are described. Among these measures are the following: increase in the stability of financial institutions, increase the transparency of the functioning of producers and consumers of financial services, raising the level of financial literacy in society, reforming the state regulation system of the activities of financial intermediaries, the formation of the trust infrastructure system. Taking into consideration the received scientific outcomes, the justification of peculiarities on the implementation of these priorities in the system of the financial services market functioning in Ukraine is conducted. Practical implications. The research results obtained in the course of the research implementation regarding the possibilities of changing the financial services market for improving the efficiency of financial institutions work have an applied character, and their implementation will make it possible to form a new environment for the functioning of such economic actors. This will facilitate the transformation of financial resources to increase the formation of investment and loan funds. The results obtained can be used by public authorities that regulate the activities of financial institutions in the process of developing new strategic documents for the development of the financial services market in Ukraine. Value/originality. The conducted research is relevant, considering the significant impact of the financial services market on the development of the national economy, the proposed measures for the development of such a market are applied and can be used by public authorities in the regulation of the activities of financial institutions. This research has been conducted within the framework of the scientific work implementation Department of Finance, Banking and Insurance, Chernihiv National University of Technology, Ukraine on the following topics: “Financial stability of economic systems in crisis conditions of management” (No. 0115U001149) and “Development of financial intermediaries in the turbulent conditions of the national economy’s functioning” (No. 0115U001149).

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Trends and Developments in the European Financial Sector

Cited by 46 publications

References 8 publications

Exploring the Trend of Czech FDIs and their Effect to Institutional Environment

Exploring the Trend of Czech FDIs and their Effect to Institutional Environment

Financial service markets of Eastern Europe: a compositional model

Directions of Development of the Financial Services Market of Ukraine

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